The NPP uses ISO 20022 messaging schema, a global interoperable standard messaging format used for electronic data interchange. ISO 20022 has the ability to convey significantly more data than most other messaging formats. Read more about the NPP message capabilities here.
1. The Platform
The NPP is a distributed switch of individual ‘Payment Access Gateways’ that route and exchange financial messages between each other. Payments can be directed to BSB and account numbers or to a PayID (information such as an email address, phone number, ABN number or a unique organisational identifier that can be linked to a user’s bank account). The Platform is always open for business, 24 hours a day, 365 days of the year.
Read more about PayID here.
2. The Fast Settlement Service
The Fast Settlement Service (FSS) is provided by the Reserve Bank of Australia. This world-leading capability enables every single payment made on the Platform, regardless of its size, to be settled in real-time in central bank funds between each financial institution’s Exchange Settlement Account (ESA).
Read more about the FSS here.
3. Business Services
NPP Business Services are designed to meet different payment needs. They can be used by third parties in a variety of ways and incorporated into product and service offerings ‘outside’ the Platform. A common set of rules for each service define how payment messages are processed between participating financial institutions, enabling standardisation across the network.
This short animation shows how a real-time payment moves through the NPP.
Visit our resource centre to view our whitepapers, inquiry submissions, webinars, guides and papers.
Resource centre
Osko by BPAY is an overlay service developed for use on the NPP. Launched in February 2018, its first iteration enables real-time peer-to-peer payments via the user’s regular internet or mobile banking service. It also enables users to include up to 280 characters to describe their payments, including emojis!
To read more about Osko, visit www.osko.com.au